Brixmor Property Group, a New York-based real estate investment trust, today acquired Arborland, a 404,000-square-foot shopping facility in Ann Arbor for $102 million. Brixmor purchased the complex, which is comprised of retailers including Kroger, DSW, Marshalls, Nordstrom Rack, Starbucks, and Ulta.
“The acquisition of Arborland positions Brixmor as the largest institutional open-air landlord in the Ann Arbor market and is another great example of our strategy to cluster our ownership of assets in successful retail corridors and dynamic markets across the country,” says Mark Horgan, executive vice president and chief investment officer at Brixmor. “We see significant opportunities to enhance the merchandising at the center, densify the site and expand Arborland’s regional draw, while capitalizing on the below market rents at the center.”
The acquisition is Brixmor’s fourth in the Ann Arbor region, including Maple Village, an open-air shopping center currently undergoing redevelopment. Brixmor recently replaced a former Kmart at Maple Village, which is also anchored by a specialty grocer, with HomeGoods, Michigan’s first Sierra Trading Post, and Stein Mart. The company also operates Roundtree Place and Washtenaw Fountain Plaza in Ypsilanti.
Brixmor owns and operates more than 500 retail centers, totaling 86 million square feet in established trade areas nationwide.